I can no longer afford to keep my 2nd home and wanted to give it up for foreclosure, but the lender wants us

to list it for atleast 3 months before they take it back. If I list it on MLS, would I need an agent? also, if the home sells...will I be responsible for the % to pay the listing agent? that kinda defeats the purpose of trying to get rid of the place without having to fork out any money.

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To list your home on MLS, you will need to list with an agent that is a member of that MLS. You will need to sign a listing agreement with the agent and the listing agreement will include the agent's compensation (% or flat fee) and the buyer's agent compensation (% or flat fee). I would recommend interviewing at least a couple of agents to list the home and finding out if the current market price will cover your mortgage and their commission and other expenses. If the home is worth less than your total expenses, ask your agent if they would be able to sell your home as a shortsale (to get the lender to accept less than you owe on the home). This way, you can pay off that mortgage without hurting your credit with a foreclosure. Good Luck.

Lenders want your property only as a last resort. They prefer the owners make every effort to sell the house (collateral). If the property absolutely cannot be sold without you at least breaking even (after expenses), you have shown the bank you have tried to dispose of the house. At that point, you (or your Realtor) may be able to negotiate a short-sale with the lender.

In most markets, you do not owe a real estate commission until the consummation of the sale and the fees are normally deducted from your proceeds at closing. Let a Realtor give you a market analysis. Perhaps there is enough equity in your home to cover the selling costs and get you out of the responsibility of the second home.

It takes time for a short sale to go through. Continue to make your payments if at all possible. Best of luck.